CHAPTER 8
Unemployment: Forms, Magnitude, and Policy
Unemployment is a chronic issue India has been facing. Economic growth is meaningful only as long as it creates new nonagricultural jobs. Job growth leads to an increase in consumer demand, which has the effect of sustaining GDP growth and reducing volatility in the output growth rate. There is no silver bullet to solve the problem of unemployment. The challenge of creating jobs has moved to the center of the political stage all over the world, and India is no exception. The scale of the problem in India is, however, not easy to measure. The unemployment situation is becoming increasingly acute as demographic transition pulls young people into the workforce at an accelerated pace. India’s biggest ...
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